Earlier this week, it was reported that De Beers is planning to boost its marketing budget to $140 million this year – the most the diamond miner has spent on advertising diamonds since 2008. Now, World Federation of Diamond Bourses (WFDB) President Ernie Blom praises the move, saying the “global diamond and jewellery industries will benefit from De Beers and the Diamond Producers Association’s (DPA’s) increased marketing budgets”, according to Mining Weekly.
“Taken together with the DPA’s decision to increase its diamond jewellery promotional budget this year to $57-million, we are seeing very significant action in promoting diamonds in key markets. The diamond industry globally can take heart from these decisions as they will serve to boost demand”, Blom said in a statement issued Wednesday (August 30).
He added: “Resources are very rightly being concentrated on the Millennials market because that is a huge consumer market which has not been targeted for advertising before. The DPA’s research shows that these younger buyers believe in the value of diamonds because they symbolise rarity and value, and we wish the DPA and De Beers success for the benefit of WFDB members and the entire industry”.
